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Junior Cash ISA
A tax free children's savings account. Lock some savings away until the child's 18th birthday.
Summary box for the Junior Cash ISA
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2.85% tax free/AER variable for balances of £1 or more.
Your interest is paid after each year on 31 March.
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Yes. As this account pays a variable rate of interest it can change over time. We’ll always let you know of any planned changes to the rate. Our terms and conditions (PDF, 182KB) explain when and how we do this. For example, we might review the interest rate if the Bank of England base rate changes.
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For example, if you deposit £1000.00 when you open the account, the balance after 12 months will be £1028.50.
This assumes:
- You make the deposit on the day you open the account.
- You don’t add any more money.
- The interest rate stays the same.
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Who this account is for
- It's to save for someone under 18 years old.
- They need to be resident in the UK.
- They must not already have a junior cash ISA or a Child Trust Fund, unless it's transferred to this account. This can be done in branch.
Opening this account for a child under 16
- You can open an account for a child if you're 16 or over, resident in the UK, and have parental responsibility for them.
- If you live at the same address as the child, you can open the account online. If not, you can apply in branch.
- Open the account with at least £1.
Opening this account if you’re aged 16 - 17
- If you're 16 or 17 you can open an account for yourself online or in branch.
- You need to be resident in the UK.
- Open the account with at least £1.
Managing this account
- You can manage the account and view it's balance in branch.
- There is a limit on how much can be added to a child's ISAs each tax year. This year, the limit is £9,000. This can be paid into a Junior Cash ISA, a Junior Stocks and Shares ISA, or any combination of the two.
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No. You can't take money out until the child turns 18.
You can't close it early, except in special circumstances which you can see in the terms and conditions (PDF, 182KB).
When the child reaches 18 the account will change to an adult cash ISA. They will be able to continue saving tax free and will be able to withdraw money.
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Tax free means you will not pay income tax on your interest.
AER stands for Annual Equivalent Rate. Whenever you see an advert for a savings account which shows an interest rate, you will see the AER. This means you can use the AER to compare accounts. It shows what the interest rate would be if your interest was paid and compounded once each year.
For more definitions, view our savings glossary.
Open a Junior Cash ISA
You should read the summary box and the account conditions (PDF, 622KB) before you apply.
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Do you want to apply offline?
You can book an appointment at your local branch at a time to suit you. Please note: To apply in branch, you’ll need proof of your own identification as well as the child’s (such as a passport or full birth certificate).
